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Orell Füssli AG (OFN) Fair Value & Analysis

Industrials · CH · Market cap CHF 296M

OF Orell Füssli AG OFN · SW
PriceCHF 140.00
Fair ValueCHF 203.37
Upside+45.3%
Quality71/100
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Healthy Growth
Thin margins · 7.0% net margin
Low debt · generates free cash flow
3.87% dividend yield
Ranks above peers (11/15)
Moderate moat 56/100
Evidence: Medium Range CHF 152.53 – CHF 254.21 Share as image

Fair value as of: Jul 17, 2026

From 24 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from CHF 233.20 to CHF 203.37 (−12.8%) since Jun 24, 2026. Share price −5.4% over the past month.

A solid business, screening 45% undervalued on our models.

What matters now

  • The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (CHF 152.53). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

CHF 166.50 CHF 60.61 Fair Value CHF 203.37 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range CHF 60.61 – CHF 166.50 · fair‑value band CHF 152.53 – CHF 254.21 · the CHF 140.00 price screens below the CHF 203.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Orell Füssli AG (OFN) currently trades at CHF 140.00, while our model-based Fair Value estimate is CHF 203.37, implying the stock looks roughly 45.3% undervalued today. The Quality Score stands at 71/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Orell Füssli AG generated revenue of CHF 273M at a net margin of 7.0%. Revenue grew 5.0% year over year. It earns a return on equity of 15.9%. The balance sheet holds a net cash position of CHF 82.2M. Fundamentals as of Jul 17, 2026

Our scenario range runs from CHF 152.53 (bear case) to CHF 254.21 (bull case); at CHF 140.00, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 17% below its 52-week high and 52% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -35% fair-value upside, at 45%, OFN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF CHF 167.47 CHF 197.31 CHF 241.74 80
Residual Income CHF 60.99 CHF 69.32 CHF 106.53 76
Rev-Margin DCF CHF 173.05 CHF 233.41 CHF 307.61 74
All 24 models by family
DCF Models
FCF DCF CHF 164.38 CHF 196.17 CHF 247.32 38
Owner Earnings CHF 103.07 CHF 118.95 CHF 144.49 31
5Y Revenue Exit CHF 173.05 CHF 229.96 CHF 312.59 39
5Y EBITDA Exit CHF 199.31 CHF 275.33 CHF 375.97 41
5Y P/E Exit CHF 168.78 CHF 222.59 CHF 287.01 38
10Y Revenue Exit CHF 165.31 CHF 202.29 CHF 241.52 36
10Y EBITDA Exit CHF 181.86 CHF 226.25 CHF 273.24 37
10Y P/E Exit CHF 166.00 CHF 198.40 CHF 228.71 35
Earnings-Based
Graham-Dodd CHF 65.85 CHF 80.49 CHF 90.55 54
EPV CHF 135.24 CHF 146.44 CHF 155.52 59
Dividend Discount
Gordon GGM CHF 30.65 CHF 32.76 CHF 35.86 70
DDM Multi-Stage CHF 30.65 CHF 35.47 CHF 41.49 61
Multiples
P/E Multiple CHF 152.53 CHF 203.37 CHF 254.21 63
P/S Multiple CHF 123.47 CHF 164.63 CHF 205.79 58
P/B Multiple CHF 123.47 CHF 164.63 CHF 205.79 55
EV/EBIT CHF 253.79 CHF 324.41 CHF 395.02 53
EV/EBITDA CHF 262.29 CHF 335.74 CHF 409.19 54
EV/Revenue CHF 193.14 CHF 257.94 CHF 322.75 43
Asset-Based
NCAV (Graham) CHF 34.75 CHF 46.57 CHF 69.50 50
Growth DCF
Growth DCF CHF 167.47 CHF 197.31 CHF 241.74 80
Rev-Margin DCF CHF 173.05 CHF 233.41 CHF 307.61 74
Economic Profit
Residual Income CHF 60.99 CHF 69.32 CHF 106.53 76
ROIC Compounder CHF 135.24 CHF 148.47 CHF 160.16 72
Growth Earnings
Growth-Adj P/E CHF 107.70 CHF 153.86 CHF 200.02 68

Widest divergence: Multiples (CHF 203.37) versus Dividend Discount (CHF 32.76). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) CHF 273M
Revenue growth (YoY) +5.0%
Net margin 7.0%
Return on equity 15.9%
Free cash flow CHF 33.2M FY2025
P/E ratio 15.5
More key figures
Operating margin 12.7%
EPS (TTM) CHF 9.68
Dividend yield 3.6%
EPS growth (YoY) -2.0%
Net cash CHF 82.2M FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 72 · Market factors (momentum, volatility) 70

Profitability 61
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 70
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Orell Füssli AG, together with its subsidiaries, engages in security printing and technology, book retailing, and publishing business in Switzerland, Germany, Rest of Europe and Africa, North and South America, Asia, and Oceania. It operates through Security Printing, Industrial Systems, Book Retailing, and Other Business Areas segments.

Full company description

Orell Füssli AG, together with its subsidiaries, engages in security printing and technology, book retailing, and publishing business in Switzerland, Germany, Rest of Europe and Africa, North and South America, Asia, and Oceania. It operates through Security Printing, Industrial Systems, Book Retailing, and Other Business Areas segments. The company produces and markets banknotes, security documents, identity cards, and other documents, as well as consulting services or contracts for the development of designs or security elements; develops, produces, installs, sells, and distributes after sales service equipment for the serialization of banknotes and security documents; and implements control and inspection systems, as well as provides software solutions for tracking security documents; and publishes children's, learning, and legal media books. It also sells books and related products in through outlets in German-speaking Switzerland, as well as through online shop. In addition, the company offers logistics and other services for libraries and the corporate sector. The company was formerly known as Orell Füssli Holding AG. Orell Füssli AG was founded in 1519 and is headquartered in Zurich, Switzerland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Orell Füssli AG reported revenue of CHF 273M in FY2025 versus CHF 210M in FY2021, a compound +6.7%/yr. Reported net income was CHF 19.0M in FY2025, compounding +19.2%/yr from FY2021.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
CHF 273M
Latest YoY
+8.0%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.5%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.4%
Revenue +6.7%/yr
FY21 CHF 210M
FY22 CHF 217M
FY23 CHF 232M
FY24 CHF 253M
FY25 CHF 273M
Net income +19.2%/yr
FY21 CHF 9.4M
FY22 CHF 8.5M
FY23 CHF 12.0M
FY24 CHF 14.1M
FY25 CHF 19.0M
Character of growth · EPS growth decomposed (2015-2025) +3.8 % p.a.
Revenue per share −1.6 pp

of which total revenue −1.6 pp · buybacks/dilution +0.0 pp

EBIT margin +10.1 pp
Tax rate +1.6 pp
Residual (interest, one-offs) −6.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Orell Füssli AG Fair Value". https://www.fairvalue-calculator.com/stock/OFN

Peer Group

Specialty Business Services · 253 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 71 · Top 25%
Fair Value upside +45% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) 13% · Above median
Revenue growth 5% · Below median
Dividend yield (TTM) 3.9% · Above median

Valuation Multiples vs Specialty Business Services median · lower = cheaper

P/E (TTM) 15.6× · Cheaper than median
P/B 2.69× · Pricier than median
P/S (TTM) 1.34× · Pricier than median
P/FCF 11.0× · Pricier than median
EV/EBITDA 7.2× · Cheaper than median
PEG 1.31× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 94 · sector 24
FUTURE 25 · sector 27
PAST 64 · sector 33
HEALTH 100 · sector 92
DIVIDEND 77 · sector 54

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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10 more Specialty Business Services stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

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UL Solutions Inc ULS $87.76 $33.62 -62%
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Frequently asked questions

Is Orell Füssli AG (OFN) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of CHF 203.37 versus a price of CHF 140.00, about +45% (undervalued).
What is the fair value of OFN?
Our model-based fair value for Orell Füssli AG is CHF 203.37 (as of Jul 17, 2026), built from audited fundamentals. The current price is CHF 140.00.
What is the quality score of OFN?
Orell Füssli AG has a Quality Score of 71/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Orell Füssli AG (OFN)?
Orell Füssli AG reported trailing-twelve-month revenue of about CHF 273M (latest available figure, as of Jul 17, 2026).
What is the net profit margin of OFN?
The net profit margin of Orell Füssli AG is about 7.0%, meaning it keeps roughly 7.0% of revenue as net income. Based on the latest reported figures.
Does Orell Füssli AG pay a dividend?
Orell Füssli AG currently shows a dividend yield of about 3.57% relative to its recent price (as of Jul 17, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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